MONTREAL -- Lumenon Innovative Lightwave Technology, Inc. (NASDAQ SC:LUMM), announced today that the holders of its convertible notes, Capital Ventures International and Castle Creek Technology Partners LLC, filed a motion in the Superior Court of Quebec requesting that the Court rescind and annul the Initial Order made by the Court on January 8, 2003.The repayment of the convertible notes is secured by a security interest in all of the present and future property rights and assets of Lumenon and its wholly-owned Canadian subsidiary, LILT Canada, Inc. ("LILT"). The Initial Order provides LILT with certain relief, including a stay of proceedings and protection from creditors under the Companies' Creditors Arrangement Act (CCAA). The Initial Order is set to expire pursuant to its original terms on February 7, 2003.The noteholders' motion was reviewed by the Court on Tuesday, January 28, 2003. Following that review, the Court decided to postpone the hearing on the motion until Thursday, February 6, 2003, the day before the Initial Order is set to expire. LILT intends to file a petition with the Court seeking an extension of the Initial Order for an additional period of sixty (60) days to allow LILT more time to continue to explore various options related to the restructuring of its continuing operations and obligations.Lumenon is currently in default under the convertible notes. As a result, if the Court grants the noteholders' motion, or denies LILT's request to extend the Initial Order, and the outstanding principal and all accrued interest under the convertible notes is not paid to the noteholders within five (5) trading days after receipt of a demand notice requiring such payment, the noteholders will have all the rights and remedies of a secured party under the Uniform Commercial Code of the State of Delaware or of any jurisdiction in which the property, rights and assets of Lumenon or LILT are located, as well as any and all of the rights provided for under Quebec law, including the right to institute proceedings to take possession of such property, rights and assets. Until such time, LILT will continue to explore its options related to the restructuring of its continuing operations and obligations within the guidelines established by the Court for LILT and its creditors.Lumenon Innovative Lightwave Technology Inc.